Creating wealth for customers
Aiming to be the well respected and preferred global financial services organisation that enables wealth creation for its customers, Motilal Oswal came into existence. In an interview,Manish Shah, Associate Director - Broking & Distribution, Motilal Oswal Securities Ltd shares the success story of the company.
Ramanjit Kaur (RK): Kindly elaborate on the inception of Motilal Oswal Financial Services (MOFSL)?
Manish Shah (MS): Motilal Oswal Financial Services (MOFSL) was founded in 1987 as Motilal Oswal Securities Ltd (MOSL) - a small sub-broking unit, by Motilal Oswal with his partner Raamdeo Agrawal. Focus on customer-first-attitude, ethical and transparent business practices, respect for professionalism, research-based value investing and implementation of cutting-edge technology has enabled it to blossom into an almost 2,000 member team. We have a diversified client base that includes retail customers (including high net worth individuals), mutual funds, foreign institutional investors, financial institutions and corporate clients.
RK: What inspired the company to take up franchising for the expansion of the brand?
MS: Our belief in entrepreneurship and the drive it brings to the business made Motilal Oswal take the franchise route. Franchising brings more scalability to the business and the business becomes entrepreneur driven.
RK: What practices and initiatives have you introduced in Motilal Oswal?
MS: The practices initiated by us include:
- National Awards for the best franchisees in various categories
- Regional Awards for best franchisees in the various regions
- In our advertisement campaigns our franchisees act as brand ambassadors
RK: What are the eligibility criteria for selecting the franchisees for your company?
MS: We are looking for aspiring entrepreneurs who have the knowledge of the financial market and must be able to invest a minimum amount of Rs five lakh including the refundable deposit. The franchisee also needs to have an area of 250 sq. ft preferably a road facing ground floor.
RK: What support do you provide to your franchisees?
MS: We provide our franchisees with all the required support and training, such as:
- Business development: This is an innovation of Motilal Oswal in the field of stock broking. The business development manager acts as a consultant, mentor and guide to the franchisees.
- Advisory support: Advisory support is an USP of Motilal Oswal.
- Training: Motilal Oswal provides training at the initial phase of the business which no one else in the finance industry provides. This is called the New Bride program.
RK: How many franchisees does the company presently have?
MS: Presently, we are operating through 1,542 franchised units and 26 company owned outlets in 595 cities of the nation.
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